Apple (AAPL) stock has dropped about 4.6% year to date, compared to the SPDR S&P 500 index (SPY) and the rest of the Magnificent 7 stocks. Apple's strategy is to use AI as a commodity, which allows the company to keep capital expenditures low. While other companies plan to spend nearly $700 billion this year, Apple's planned capex is about $14 billion. The MacBook Neo, a laptop priced at $599, launched by Apple in March, signals a significant shift in Apple's market. Bank of America analyst Wamsi Mohan and his team recently revised Apple’s price target but did not address the MacBook Neo launch. The team estimates that the total addressable market for 2026 is $32 billion.